The deal will see a serviced apartment property in the city's Northern Quarter rebranded as the 155-room Residence Inn by Marriott.

Due to open as a Residence Inn in late 2020, from August 2019 the property will provide 84 independent serviced apartments, known as The Northern Quarters, while a phased refurbishment takes place. The building was formerly operated by Staycity.

Asli Kutlucan, chief development officer at Cycas Hospitality, said: “Whilst Manchester is already considered a gateway to the North, it’s clear from the continued investment into the city’s rail and international air connections that the potential for regional growth over the coming years is huge. We’re confident that the central location of our new Residence Inn property will tap into the growing demand for alternative accommodation options from business and leisure travellers, and look forward to working closely with Ciel Capital and Marriott International to further build our presence in this vibrant market.”

Vedrana Riley, CEO of Ciel Capital, said: “Manchester’s innovative reputation remains as true today as ever. Having established itself in recent years as one of Europe’s leading digital technology hubs, the government’s ‘Northern Powerhouse’ initiative has helped transform the region still further, increasing investment to the city and creating one of the world’s largest, and most exciting, urban economies. As the city continues to attract a high-profile mix of start-up businesses and large-scale multinationals, from Boohoo to Amazon, our first hotel in Manchester will be well positioned to cater to the city’s evolving hotel needs. We very much look forward to capitalising on Cycas’s reputation for translating loyal guests into financial success on our new venture.”